Cyprus signs first casino resort contract
The European country signed its first casino contract with the consortium Melco Hard Rock in Nicosia.
Cyprus.- After months of negotiations and pushes to obtain the necessary requirements, Cyprus has signed its first casino resort contract in Nicosia with Melco and Hard Rock International, along with local company CNS Group.
The consortium obtained the license that it needed to start building a casino in Cyprus back in May, when the government and the Cabinet of Ministers approved the decision to award the first-ever casino resort licence to the companies. A week before that, the Cabinet ratified the joint venture as the exclusive holder in order to enrich the tourist product and create new jobs in the country. The license allows Melco Hard Rock to operate a gambling facility until 2047, and hold the monopoly until 2032.
During the ceremony that took place at the Filoxenia Confernece Centre several authorities were present, such as Christos Mavrellis, president of the National Authority for Gaming Supervision and Casinos, and representatives from the companies. Moreover, the signing ceremony was set to be addressed by the Minister Lakkotrypis, as Cyprus Mail confirmed. Construction of the gambling venue is expected to be done by 2019 or early 2020.
“This opens the road to realising one of the largest infrastructure projects that has ever been done in our country. The casino resort will include the largest casino in Europe, with 136 gaming tables and 1,200 gaming machines. Our goal, of course, is to improve incoming tourism by increasing arrivals, average stays and average per capita spending,” said Commerce and Tourism Minister Lakkotrypis at the signing ceremony.
